IMF warns of urgent need for reform on Nigeria’s economy

The International Monetary Fund has warned that Nigeria’s economy needs urgent reform.

In its report, the IMF faults the government’s handling of economic policies. It says this could affect talks over at least $1.4 B in international loans. The International lender says that Nigeria should lift its remaining foreign exchange restrictions and scrap its system of multiple exchange rates.

And while Nigeria’s President Muhammadu Buhari has launched a flagship economic recovery plan, the IMF says that it is not enough to lift the country out of recession.